Azeez Mustapha is a specialist in Computer Studies (including DTP), Forex and Crypto trading professional. Being expert technical and currency analyst, as well as experienced fund manager and author of several books, Azeez places strong focus on crypto market studies conducting comprehensive price analyses and sharing forecasts of presumptive market trends.
There is a probability for the downward movement this week; traders should follow the trend patiently.
- Traders should follow the trend patiently;
- the price may break out of the channel this week;
- there is a probability for the downward movement this week.
XMR/USD Long-term Trend: Ranging
Distribution Territories: $128, $140, $178,
Accumulation Territories: $102, $77, $45XMR/USD was in its sideways trend last week. The price is still ranging within the territories of $128 and $102. The strong bearish pressure was lost after a drop in the price of the cryptocurrency to the accumulation territories of $102. The bulls return was confirmed by a bullish hammer candle and the price was up to the distribution territories of $128 before it started consolidating.
Currently, the price is moving towards the accumulation territory of $102 with the formation of bearish candles. The 4-day EMA and the 50-day EMA on the daily chart are interlocked to each other with the price in between both 4-day EMA and 50-day EMA. The MACD with its histogram is on the zero level with the signal lines showing no direction indicates a continuation of a sideways trend.
In case the distribution level of $128 is broken, the pair will resume its uptrend movement and upper distribution territory of $140 will be exposed. A breakout at the upper area or breakdown at the lower area is imminent therefore traders should be patient and wait before taking a trade.
XMR/USD Price Medium-term Trend: Ranging
On the 4-Hour chart, XMR is in a sideways trend. The cryptocurrency enters consolidation in its short-term outlook. After a bearish run towards the accumulation territories of $102, rejection to the further downward movement was seen with the formation of a doji and a bullish candle as the bulls made a gradual return.
Currently, Price is below 4-day EMA and the 50-day EMA while 50-day EMA is above the 4-day EMA which indicates that there is a probability for the downward movement this week. However, the coin may continue ranging within the bound as MACD with its histogram and its signal lines are on the zero level. Patience is the key at this period for a breakout at the upper area or breakdown at the lower area to occur before taking a position.